CySEC Cautions against 16 Dubious FX and Crypto Domains

The Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) updated its warning list on Monday, adding a long list of sixteen dubious crypto and Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term trading platforms.

The fraudulent platforms investors need to be cautious about are instantcryptoforextrades.com, upshotfinance.biz, global-vesco.ltd, raphaelfxinvestment.com, intlmc.com, cointradefxpro.com, coinstradingbit.com, rfmcorp.co, leadwayfinance.ltd, wficorp.co, maximumfinancetrade.com, forex-earners.org, ifmcorp.co, alphabitfx.org, fasttrade.ltd and expert-earners.com.

According to the Cypriot regulator, all these platforms are illegally using the name and license number of BrokerCreditService (Cyprus) Limited, a holder of Cyprus Investment Firm (CIF) license, without its permission or authorization.

The flagged platforms are offering investment services with digital currencies and foreign exchange instruments. Many are flashing the current high price of Bitcoin to lure in investors with impulse investment decisions.

The services of many of these platforms range from portfolio management and real estate investments. One of these platforms offers an astronomical hourly return of 50 percent on crypto investments and a daily 190 percent return on Bitcoin mining investments.

Interestingly, several of these dubious platforms are identical in design and services, only with some minor changes in their branding.

More Authority Is Needed

While CySEC only issues a public warning with the names of the dubious investment platforms, other European watchdogs like Italy’s Consob have additional powers of ordering internet companies to block access to the fraudulent platforms. This lack of power encourages fraudsters to use false authorizations of the Cypriot regulator.

Cyprus remains one of the most desired jurisdictions among financial companies to gain a financial license and enter the lucrative European Economic Area (EEA). However, multiple European regulators criticized Cypriot companies for breaching their local regulations.